CT Commercial Real Estate Community Anticipates a Favorable 2016
Contact: Kristi Sullivan, 860-571-6213
(Statewide) – The Q1 2016 semi-annual survey of Connecticut commercial real estate conditions, conducted by the Connecticut Economic Resource Center, Inc., indicates that:
- Compared to this time last year, half of respondents note that buyer inquiries have increased, and 40% of respondents mention that the number of deals have increased.
- The office sector continues to struggle, with current and future predictions of prices of fair to poor.
- Perceptions around the retail market have picked up slightly in terms of current and future conditions.
- The numbers of transactions are expected to increase in the short term, according to the majority of respondents, for all of the real estate markets tested: office, industrial, retail, investment, and residential.
“The uptick in sentiments about the number of transactions will help to increase absorption rates throughout 2016,” said Erron Smith, CERC’s Real Estate Program Manager.
“The improving perceptions of the real estate market coincides with enhanced consumer confidence,” noted Alissa DeJonge, CERC’s Vice President of Research.
The CERC SiteFinder Real Estate Survey measures the health of Connecticut’s commercial real estate market. The survey polls real estate professionals across all eight Connecticut counties asking for perspectives on local conditions in residential and four key sectors of commercial markets (office, industrial, retail, and investment). Respondents include real estate brokers and developers, bankers, appraisers, and economic development officials from around the state.
CERC is a public-private partnership that provides economic development services consistent with state strategies, leveraging Connecticut’s unique advantages as a premier business location. For more information, start here: www.cerc.com or visit us on LinkedIn, Facebook or Twitter (@CERCInc).